Tuesday, December 14, 2004
Paul Krepps, MEDC
Company with Homeland Security Ties to Invest $3.5 Million
Governor Jennifer M. Granholm today announced Patriot Antenna Systems Incorporated, a global leader in high-tech satellite network products, will create 25 jobs at its Albion headquarters as the result of a new expansion. Assistance offered through the Michigan Economic Development Corporation helped convince the company to make the $3.5 million investment in Albion instead of a competing location in Arizona.
"Helping high-tech companies like Patriot grow here in Michigan is an important part of diversifying Michigan's economy," Granholm said. "This expansion is another positive step forward in the development of emerging industries like homeland security in our state."
The expansion of Patriot Antenna is one of 10 major economic development projects the Governor announced today. In all, they are expected to create and retain a total of 9,983 Michigan jobs, including 2,229 directly by the companies and redevelopments.
"We welcome the commitment of Governor Granholm and the MEDC," said Patriot's President Jeff Mathie. "Patriot continues to be a leader in quick-deploy, mobile and VSAT solutions. The company is designing, engineering and fabricating a new line of products for emergency response, military and homeland security markets. We are pleased to be a contributor to Michigan's high-tech future."
Sheridan Township has approved a local tax abatement valued at $133,000 over six years to support the project.
A University of Michigan economic analysis estimates that 31 indirect Michigan jobs will be created as a result of increased economic activity associated with the expansion, in addition to the 25 jobs created directly by the company. The project is expected to generate more than $23 million in personal income for Michigan workers over the life of the tax credit.
The MEDC approved a Single Business Tax credit valued at approximately $431,000 to win the project.
"These high-paying jobs will be a great addition to Albion's economy," MEDC President and CEO Don Jakeway said. "We are glad to see Patriot Antenna continuing to prosper and add new workers here in Michigan."
Established and headquartered in Albion since 1994, Patriot manufactures a complete line of antenna systems and satellite equipment to customers worldwide. The company was recently awarded a U.S. patent for its new method of manufacturing high-precision antenna systems. Patriot intends to market this process and/or license it to companies that need a lighter, more accurate terminal for applications such as military and Ka-band systems. The company currently employs 90 workers in Michigan.
In her 2004 State of the State address, Governor Granholm announced her plan to make Michigan a global economic powerhouse in the 21st century. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 53,857 jobs as a result of targeted assistance provided by the MEDC.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
Patriot Antenna Systems Incorporated
(All estimates in 2004 dollars)
|TOTAL JOBS CREATED||56|
|NET POSITIVE STATE REVENUE IMPACT||$1,341,000|
|Personal Income Generated Over|
Life of the Tax Credit Agreement